Zheshang Securities is optimistic about demand for robot training data collection and supply-chain companies with existing orders; Huatai Securities sees improvements in Yili’s liquid milk and milk powder businesses, but says a higher tax burden depressed its net margin in the first three quarters.
KOSPI futures fell 2.9%, but memory prices and chip exports remain supportive; Goldman Sachs is also watching South Korea’s list of low price-to-book companies and changes in earnings at Kia and cosmetics companies.
High refining margins, trading performance and stable operations boosted results, while industry net debt continued to decline. Most companies, however, are still restraining investment and shareholder returns, and Citi sees the peer valuation discounts of BP and Chevron as worthy of attention.
US growth was strong in the third quarter, but Citi expects a slowdown in the fourth. Its baseline forecast calls for another 25-basis-point Fed rate hike in December; if stocks continue to fall or the economy weakens, the next move could instead be a rate cut.
Mindray’s revenue rose 2.9% year on year in the third quarter of 2026, while net profit fell 4.6%. Citi expects domestic in vitro diagnostics and overseas operations to drive growth in 2027, but higher electronic component prices and domestic pricing pressure will continue to affect margins.
Citi believes market share gains in industrial robotics and growth in humanoid robot components drove the acceleration in revenue; higher product volumes brought economies of scale, but gross margin remained below the year-earlier level.
Third-quarter solid waste pricing and volumes exceeded Citi’s expectations, but higher diesel prices created cost pressure. Citi raised its target price while lowering its 2026 earnings-per-share forecast.
Higher third-quarter freight rates did not fully offset pressure from costs and shipping volumes, but BofA expects only a modest decline in fourth-quarter rates and has sharply raised its 2027 earnings forecast while maintaining underperform ratings on the A and H shares.
Third-quarter revenue rose 25% quarter on quarter and net profit rose 9%; flooding in Thailand affected shipments at the end of the month. BofA lowered its earnings forecasts and valuation multiple, but believes customer orders and new product shipments still support growth in 2027–2028.
A quarter-on-quarter turnaround in refining lifted Sinopec’s third-quarter net profit attributable to shareholders to 13.6 billion yuan. Bank of America raised its 2026 earnings forecast and A- and H-share price targets, but profits from refined oil product sales, chemicals, and oil and gas production weakened from the previous quarter.
European oil majors that have reported results beat market consensus for third-quarter profit and operating cash flow. Bank of America is positive on European gas prices this winter, but buybacks concentrated in the fourth quarter and rising costs on some projects limit the extent to which strong cash flow can be extrapolated into long-term shareholder returns.
The ramp-up of a new platform and shipment delays slowed third-quarter revenue, but improving yields and higher utilization at the Thailand plant support BofA’s fourth-quarter outlook; expansion costs also prompted the bank to cut its earnings forecasts and price target.
In the third quarter of 2026, packaging and testing and electronics manufacturing drove 28% quarter-on-quarter revenue growth. The company raised its advanced packaging sales outlook; Bank of America is positive on capacity utilization and pricing but expects expansion to keep free cash flow under pressure.
After the Federal Reserve’s October meeting, short-term yields fell and long-term yields rose. BofA expects further US rate hikes and compares interest-rate opportunities in Europe, the UK and Canada.
Midea Group’s revenue fell 3.9% year over year in the third quarter of 2026, while net profit rose 25.9% and core net profit fell 15.7%. Bank of America believes overseas own-brand and business-to-business operations provide a buffer, but the impact of air-conditioning channel reforms will continue into the first quarter of 2027.
Third-quarter results matched earlier guidance, but as of 26 October, interconnect chip orders scheduled for fourth-quarter delivery showed faster growth. Bank of America raised its earnings forecasts for the next three years, betting on growth in both server demand and the number of chips per server.
Price increases, global demand and market-share gains drove third-quarter revenue growth of 38%; BofA raised its earnings forecasts and price target but maintained its Underperform rating.
Third-quarter revenue rose 6% year over year, while net profit fell 62%. Weak consumer electronics demand and a slower-than-expected margin recovery prompted BofA to cut its earnings forecasts; the liquid-cooling business could begin contributing revenue in 2027.
Copper and coking coal production fell short of company-compiled market expectations, while thermal coal performed strongly. BofA cut its 2026 earnings forecasts and is also watching copper project expansions, asset sales and commodity marketing profits.
